Police: Waterloo man accused of diverting funds faces felony charges

Police say a Waterloo man faces multiple felony charges after an a joint-investigation was conducted between the Seneca Falls Police Department and Generations Bank.

The SFPD reports that Michael A. Stein, 37, of Waterloo is accused of utilizing the digital credentials of another employee at Generations bank, without their knowledge, to make electronic fund transfers meant for a bank income account into his own personal account.

Police say this happened on three separate occasions – dating back to December 2015 and totaled more than $1,894.

Stein is also accused of using the same employee’s credentials to digitally manipulate two loans he had with the bank so that he was not billed, nor charged, several hundred dollars worth of penalties over a period of six months in 2017.

Stein was charged with five counts of petit larcny – all misdemeanors, as well as five counts of first-degree falsifying business records, and five counts of computer trespass. Those ten charges are felonies, according to authorities.

Police say Stein was arraigned in Seneca Falls Town Court where the matter was divested to Seneca County Court for further disposition.